Stockholders Equity Section Balance Sheet Frederick Mining Company Follows Frederick Minin Q17762384

The stockholders’ equity section of the balance sheet ofFrederick Mining Company is as follows:

Frederick MiningCompany

Equity Section ofBalance Sheet as of January 1, 2016

Common stock, $10 par value, 200,000 shares authorized; 120,000shares issued
1,200,000

Paid-in Capital in excess of par value
3,711,250

Retained Earnings
4,651,255

Total Equity
9,562,505

Create a journal entry (if needed) for each of the followingitems.
Prepare an updated equity section of the balance sheet as ofDecember 31, 2016.

1/28/16
Frederick Mining enters into a loan-modification agreement withthe bank, agreeing to appropriate $500,000 of retained earnings toloan repayment.

2/15/16
Frederick Mining board of directors declares a $1.50 per sharedividend payable on 3/31/2016 to shareholders of record as of3/15/2016. Frederick uses a dividends account to record dividendsdeclared.

3/31/16
Cash dividend declared on 2/15/2016 is paid.

7/22/16
Frederick Mining board of directors declares a 10% stockdividend to be paid 8/15/2016 to shareholders of record as of8/1/2016. The market value of the stock is $49 immediately prior tothe declaration.

8/15/16
Stock dividend declared on 7/22/16 is paid.

9/18/16
Frederick Mining buys back 5,000 shares of company stock on theopen market for $52 per share. The purchased shares are not retiredbut are held in treasury.

12/31/16
Close out dividends.

12/31/16
Frederick Mining had the following income and expense accountbalance as of 12/31/2016. Close out income.

Debit
Credit

Sales Revenue

6,890,000

Cost of Goods Sold
4,752,600

Administrative Salary Expense
436,500

Office Expense
118,560

Depreciation Expense
12,000

Transportation Expense
18,400

Interest Expense
82,800

 
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Stock Investments Sold Near Future Intent Generating Profits Sale Called O Equity Method Q17781920

Stock investments that are to be sold in the near future with the intent of generating profits on the sale are called: O A. equity -method investments. O B. trading securities. O C. held-to-maturity investments. O D. available-for-sale securities. lick to select your answer. Show transcribed image text Stock investments that are to be sold in the near future with the intent of generating profits on the sale are called: O A. equity -method investments. O B. trading securities. O C. held-to-maturity investments. O D. available-for-sale securities. lick to select your answer.
 
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Stock Dividend Stock Dividend Distinguished Stock Split Reason Corporation Usually Declare Q17763618

What is a stock dividend? How is a stock dividend distinguishedfrom a stock split?
For what reason does a corporation usually declare a stockdividend? A stock split?
Discuss the amount, if any, of retained earnings to becapitalized in connection with a stock dividend.
 
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Steps Auditor Take Accept Perform Financial Audit Auditors Give Opinion Kind Rules Perform Q17761624

What steps should an auditor take to accept and perform afinancial audit. Do auditors give an opinion? If so, what kind? Arethere any rules as to who can perform an audit?
 
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Stein Company Operates Furniture Store December 31 2011 30 Desks Holding Sale Would Report Q17791470

# Stein Company operates a furniture store. On December​ 31,2011, it had 30 desks that it was holding for sale.
These would be reported as ______ The desk that is used by thepresident of Stein Company would be reported as a_______________
[What account category?]
 
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Ste Marie Division Pacific Media Corporation Started Operations Purchased Depreciable Asse Q17793636

The Ste. Marie Division of Pacific Media Corporation juststarted operations. It purchased depreciable assets costing $45million and having a four-year expected life, after which theassets can be salvaged for $9 million. In addition, the divisionhas $45 million in assets that are not depreciable. After fouryears, the division will have $45 million available from thesenondepreciable assets. This means that the division has invested$90 million in assets with a salvage value of $54 million. Annualdepreciation is $9 million. Annual operating cash flows are $25million. In computing ROI, this division uses end-of-yearasset values in the denominator. Depreciation is computed on astraight-line basis, recognizing the salvage values noted. Ignoretaxes. Assume that all cash flows increase 10 percent at the end ofeach year. This has the following effect on the assets’ replacementcost and annual cash flows:

End ofYear
Replacement Cost

Annual Cash Flow

1
$
90,000,000
× 1.1 =
$
99,000,000

$
25,000,000
× 1.1 =
$
27,500,000

2
$
99,000,000
× 1.1 =
$
108,900,000

$
27,500,000
× 1.1 =
$
30,250,000

3
Etc.

Etc.

4

Depreciation is as follows:

Year
For the Year
“Accumulated”

1
$
9,900,000

$
9,900,000

(=10% × $99,000,000)

2

10,890,000

21,780,000

(= 20% ×108,900,000)

3

11,979,000

35,937,000

4

13,176,900

52,707,600

Note that “accumulated” depreciation is 10 percent of the grossbook value of depreciable assets after one year, 20 percent aftertwo years, and so forth.
Required:
a. & b. Compute ROI using historical cost,net book value and gross book value. (Enter your answers asa percentage rounded to 1 decimal place (i.e., 32.1).)
c. & d. Compute ROI using current cost, netbook value and gross book value. (Enter your answers as apercentage rounded to 1 decimal place (i.e., 32.1).)
 
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Statement Financial Accounting Concepts 5 Following Precise Sense Means Process Convertin Q17772374

Under Statement of Financial Accounting Concepts No. 5, which of the following, in the most precise sense, means the process of converting noncash resources and rights into cash or claims to cash? Recognition Measurement Realization AllocationShow transcribed image text Under Statement of Financial Accounting Concepts No. 5, which of the following, in the most precise sense, means the process of converting noncash resources and rights into cash or claims to cash? Recognition Measurement Realization Allocation
 
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Statement Cash Flows Indirect Method Booth Manufacturing Provided Following Financial Stat Q17791912

Statement of Cash Flows, Indirect Method
Booth Manufacturing has provided the following financialstatements.

Other information includes: (a) Equipment with a book value of$125,000 was sold for $175,000 (original cost was $225,000); and(b) Dividends of $225,000 were declared and paid.
Required:

Hide

1. Calculate the cash flows from operationsusing the indirect method.
2. Prepare a statement of cash flows. Use aminus sign to indicate any decreases in cash or cash outflows.

Booth Manufacturing

Statement of Cash Flows

For the Year Ended December 31, 2014

Cash flows from operating activities:

  

$  

Add (deduct) adjusting items:

  

  

  

  

  

  

  

  

  

  

Net cash from operating activities

$  

Cash flows from investing activities:

  

$  

  

  

  

  

Net cash from investing activities

  

Cash flows from financing activities:

  

$  

  

  

Net cash from financing activities

  

Net increase in cash

$  

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Booth Manufacturing Comparative Balance Sheets At December 31, 2013 and 2014 2013 2014 Assets Cash 112,500 350,000 Accounts receivable 281,250 350,000 Inventories 125,000 150,000 1,000,000 Plant and equipment 1,025,000 Accumulated depreciation (500,000) (525,000) 718,750 Land 500,000 Total assets $1,587,500 $2,000,000 Liabilities and equity Accounts payable 300,000 237,500 250,000 75,000 75,000 Mortgage payable Common stock Paid-in capital in excess of par 300,000 300,000 1,137,500 Retained earnings 912,500 Total liabilities and equity $2,000,000 $1,587,500 Booth Manufacturing Income Statement For the Year Ended December 31, 2014 $1,200,000 Revenues Gain on sale of equipment 50,000 (640,000) Less: Cost of goods sold (125,000) Less: Depreciation expense Less: Interest expense (35,000) Net income 450,000 Show transcribed image text Booth Manufacturing Comparative Balance Sheets At December 31, 2013 and 2014 2013 2014 Assets Cash 112,500 350,000 Accounts receivable 281,250 350,000 Inventories 125,000 150,000 1,000,000 Plant and equipment 1,025,000 Accumulated depreciation (500,000) (525,000) 718,750 Land 500,000 Total assets $1,587,500 $2,000,000 Liabilities and equity Accounts payable 300,000 237,500 250,000 75,000 75,000 Mortgage payable Common stock Paid-in capital in excess of par 300,000 300,000 1,137,500 Retained earnings 912,500 Total liabilities and equity $2,000,000 $1,587,500 Booth Manufacturing Income Statement For the Year Ended December 31, 2014 $1,200,000 Revenues Gain on sale of equipment 50,000 (640,000) Less: Cost of goods sold (125,000) Less: Depreciation expense Less: Interest expense (35,000) Net income 450,000
 
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State Accounting Equation Briefly Explain Elements Accounting Equation Q17761338

State the accounting equation and briefly explain each of the elements in the accounting equationShow transcribed image text State the accounting equation and briefly explain each of the elements in the accounting equation
 
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Star Rising Inc S Accounting Book Indicated Inventory December 31 2016 78 890 However Phys Q17762652

Star-Rising Inc.’s accounting book indicated the inventory onDecember 31, 2016 is $78,890. However, the physical inventoryperformed on the last day of the year showed $72,150. What journalentry will you do for the inventory shrinkage? Please write thejournal entry below.

Date

Account Name

Debit

Credit

 
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